{"id":34638,"date":"2024-04-15T09:33:39","date_gmt":"2024-04-15T09:33:39","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=34638"},"modified":"2024-04-15T09:33:39","modified_gmt":"2024-04-15T09:33:39","slug":"the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff\/","title":{"rendered":"The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1st April, 2017. Which of the following differences apply? 1. Shifting of Powers from Official Liquidator to Insolvency Professional. 2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal. 3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016. 4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months."},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9cf96ff1a1b\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    1 and 2                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    1, 2 and 4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    1, 2, 3 and 4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    2, 3 and 4                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>C. 1, 2, 3 and 4<\/strong><\/p>\n<p>The Insolvency and Bankruptcy Code, 2016 (IBC) has brought about significant changes in the process of voluntary winding up of solvent companies. The key changes are as follows:<\/p>\n<ol>\n<li><strong>Shifting of Powers from Official Liquidator to Insolvency Professional.<\/strong> Under the Companies Act, 2013, the Official Liquidator was responsible for carrying out the process of voluntary winding up. However, under the IBC, this responsibility has been transferred to an Insolvency Professional.<\/li>\n<li><strong>Jurisdictional Authority has been <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> shifted from High Court to National Company Law Tribunal.<\/strong> Under the Companies Act, 2013, the High Court was the jurisdictional authority for hearing winding up petitions. However, under the IBC, this authority has been transferred to the National Company Law Tribunal (NCLT).<\/li>\n<li><strong>Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016.<\/strong> Under the Companies Act, 2013, the provisions relating to voluntary winding up were contained in Chapter XX of the Act. However, under the IBC, these provisions have been shifted to Section 59 of the Code.<\/li>\n<li><strong>Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.<\/strong> Under the Companies Act, 2013, there was no specific timeline for carrying out the process of voluntary winding up. However, under the IBC, the timeline for carrying out the process is normally of 12 months.<\/li>\n<\/ol>\n<p>The IBC has also introduced a number of other changes in the process of voluntary winding up. These changes are aimed at making the process more efficient and effective.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[704],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1st April, 2017. Which of the following differences apply? 1. Shifting of Powers from Official Liquidator to Insolvency Professional. 2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal. 3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016. 4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1st April, 2017. Which of the following differences apply? 1. 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Which of the following differences apply? 1. Shifting of Powers from Official Liquidator to Insolvency Professional. 2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal. 3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016. 4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff\/","og_locale":"en_US","og_type":"article","og_title":"The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1st April, 2017. Which of the following differences apply? 1. Shifting of Powers from Official Liquidator to Insolvency Professional. 2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal. 3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016. 4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.","og_description":"Subscribe on YouTube","og_url":"https:\/\/exam.pscnotes.com\/mcq\/the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T09:33:39+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff\/","url":"https:\/\/exam.pscnotes.com\/mcq\/the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff\/","name":"The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1st April, 2017. Which of the following differences apply? 1. Shifting of Powers from Official Liquidator to Insolvency Professional. 2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal. 3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016. 4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-15T09:33:39+00:00","dateModified":"2024-04-15T09:33:39+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-process-of-voluntary-winding-up-of-solvent-company-is-now-shifted-from-the-companies-act-2013-to-insolvency-and-bankruptcy-code-2016-with-effect-from-1st-april-2017-which-of-the-following-diff\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"Commerce","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/commerce\/"},{"@type":"ListItem","position":4,"name":"Legal aspects of business","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/commerce\/legal-aspects-of-business\/"},{"@type":"ListItem","position":5,"name":"The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1st April, 2017. 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